News & Events

BPAS Earns Top Spots in NAPA Advisors’ Choice Awards

For the third consecutive year, BPAS has earned top spots in the National Association of Plan Advisors (NAPA) Advisors’ Choice Awards.

The annual awards recognize retirement plan recordkeepers that provide “the best services, support, products, and processes” across multiple markets and categories, as rated by advisors.

BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and institutional trust services, earned top five accolades in six categories across two market segments:

• Staff Credentials
• Regulatory Support
• Education Materials
• Multi-Lingual Capabilities
• Financial Wellness
• Plan Health

“We couldn’t be more excited and grateful for these results,” said Paul Neveu, BPAS CEO. “Every day, as BPAS works with advisors and trust companies on the full spectrum of retirement plans, we strive to fine-tune our service model. Our mission is to deliver comprehensive administration, single point of contact service, true open architecture on investments, and a conflict-free setting, all powered by great people who are truly accountable to relationships. These results are gratifying, to say the least.”

BPAS offers a range of services that simplify the complicated nature of retirement and benefit plans without the need to engage multiple providers. BPAS is a fully bundled solution and acts as recordkeeper, administrator, custodian, and clearing firm—all under one roof. All BPAS clients have a dedicated, fully credentialed plan consultant, regardless of plan size. This unique one-stop-shop approach reduces time and eliminates the frustration of dealing with multiple providers. In fact, BPAS clients save 45% more time with BPAS than with previous administrators using recordkeeping.

“We have the expertise to service retirement plans of all types and sizes well,” said Elizabeth Kaido, Senior Vice President of Sales and Relationship Management at BPAS. “We focus on cultivating strong relationships, fueled by top-notch expertise, and reliable service wrapped in a flexible platform. We are fully committed to providing long-term, industry-leading service and support to our partners and clients. Relationships matter here. I think that resonates with advisors. It’s reassuring that advisors see us as trustworthy partners they can build a business around.”

BPAS Celebrates Milestone Anniversary in Puerto Rico

BPAS, a national provider of retirement plans, benefit plans, fund administration, and institutional trust services, is celebrating 10 years of growth and success for its BPAS Trust Company in Puerto Rico.

BPAS has been providing recordkeeping, third-party administration, sub-custodial, and other services for Puerto Rico Qualified plans since 2001. Although Puerto Rico is a commonwealth of the United States, it maintains its own tax code and regulatory body (the Puerto Rico Department of the Treasury, commonly referred to as “Hacienda”).

With the regulatory release of the Puerto Rico Internal Revenue Code of 2011, BPAS recognized the need to build a team of experts that could service PR clients directly. The company saw it as an opportunity and established its San Juan-based BPAS Trust Company in August of 2014.

“While we had been providing recordkeeping and other services for Puerto Rico Qualified plans in partnership with banks and Trust Companies on the island for years, we knew we could do more,” said Paul Neveu, BPAS CEO. “With BPAS Trust Company of Puerto Rico, we brought Directed Trustee, Paying Agent, and Custodial services to the mix, in addition to bundled administration, which offered a complete solution to PR financial intermediaries, plan sponsors, and participants. It was the vision of our previous CEO, Barry Kublin, who had so many ideas that created the underpinnings of the BPAS we are today. We’ll always be grateful for Barry’s convictions.”

With its local presence, BPAS Trust Company of Puerto Rico provides services as part of a bundled daily valuation program or as a stand-alone Directed Trustee. BPAS services include PR Section 1081, Defined Contribution plans for small and large employers, Keogh plans, ERISA 3(38) Investment Advisory Services, Cash Balance Plans, Collective Investment Funds, and more.

Today, through independent PR Trustee and comprehensive plan administration services, BPAS supports more than 20,000 participants in Puerto Rico. With 13 employees devoted to its PR practice, the company is attracting household-name clients across the island and proving to be an ideal solution for stateside companies with a presence in Puerto Rico.

“Over the past decade, we have grown to make a significant impact in our industry and the future of the Puerto Ricans we serve,” said Alfredo Matheu, President of BPAS Trust Company of Puerto Rico. “This success is a testament to the hard work, dedication, and passion of every single member of our team. The collaborative nature of our organization has been key to our development and growth.”

Plan Sponsors both stateside and in Puerto Rico rely on the BPAS team’s deep understanding of both tax codes. “We bring expertise in both 1081 and stateside plans, so we have well informed opinions on issues such as dual qualified plans,” said Mike Hahn, VP of BPAS Partner Relationship Management. “We know what works and can advise employers to help avoid compliance pitfalls and ensure smooth, accurate plan administration. Our business model offers simplicity and accountability while protecting retirement plan assets.”

The BPAS team is also able to conduct a full range of services in PR, including onsite education meetings, and a wide range of free educational tools and resources for PR participants online at BPAS University.

“It’s a rapidly growing market,” said Maribel Solá, Senior Partner Success Manager at BPAS Trust Company of Puerto Rico. “We’re unique in that we serve as recordkeeper, third-party administrator, clearing firm and directed trustee under one roof. Plus, we provide account services, web resources and support materials in both Spanish and English.

BPAS partners and clients are finding great value in BPAS’ expertise in PR plans and in the support services BPAS can deliver. It is also a big advantage for multinationals and stateside employers to be able to operate with BPAS in both languages.

“It’s an honor to provide assistance to our PR clients and lead a Team of dedicated Plan Consultants who primarily work with PR Qualified plans.” said Max Gottfried, BPAS Regional Plan Consulting Manager. “Our Puerto Rico Consulting Team is very knowledgeable regarding the differences between US and PR qualified plans, we serve as subject-matter experts for our clients and thus can provide best-in-class service, effectively helping them navigate the PR Tax Code, as well as BPAS systems and processes. We’re here to make their lives easier.”

“As we mark this important anniversary, we would like to extend our deepest gratitude to our clients, partners, and supporters who have been with us on this amazing journey,” said Matheu. “Their trust and collaboration have been invaluable. As we look back on the past ten years, we are filled with pride for all that we have accomplished together. But more importantly, we are excited about the future. We are committed to the PR market and our pursuit of excellence, innovation, and service as we step into the next chapter of our story.”

Community Financial System, Inc. to Host Investor Day

Community Financial System, Inc.  (CFSI – NYSE: CBU) announced that it will host an in-person and virtual Investor Day on Friday, September 6, 2024, starting at 9:00 AM ET at the New York Stock Exchange conference facilities. The senior leadership team will provide insights into the company’s strategies, performance, and future outlook. The event will feature discussions on each line of business—Banking, Employee Benefit Services, Insurance Services, and Wealth Management—followed by a question-and-answer session.

Presenters will include:

• Dimitar Karaivanov – President and Chief Executive Officer
• Joseph Sutaris – Executive Vice President and Chief Financial Officer
• Jeffrey Levy – Senior Vice President and Chief Banking Officer
• Paul Neveu – Chief Executive Officer, BPAS
• Pierre Morrisseau – Chief Executive Officer, OneGroup
• Michael Cerminaro – President and CEO, Community Bank Wealth Management
• Daniel Bailey – Senior Vice President and Chief Risk Officer

Attendance at the live event is by invitation only and requires advance registration. You can preview the agenda here. CFSI invites all interested participants to access the live webcast, which will include video, audio, and presentation slides, by clicking here. Virtual attendees will also have the opportunity to participate in the question-and-answer session. Following the conclusion of the event, a replay of the webcast will be available in the ‘News & Presentations’ section of the CFSI website until September 5, 2025.

For further information, please contact:

Joseph E. Sutaris
EVP & Chief Financial Officer
Office: (315) 445-7396

BPAS is a wholly owned subsidiary of Community Financial System, Inc.

Community Bank System, Inc. Changes Corporate Name to Community Financial System, Inc.

BPAS is a wholly-owned subsidiary of Community Financial System, Inc. (CBSI, NYSE: CBU).

Community Bank System, Inc. (NYSE: CBU) (the “Company”), a diversified financial services holding company operating four complementary business units: Community Bank N.A., Benefit Plan Administrative Services, Inc. (“BPAS”), OneGroup NY, Inc. (“OneGroup”), and Wealth Management, announced that it has changed its corporate name to “Community Financial System, Inc.” (“Community Financial System”) effective as of May 15th. The name change reflects the Company’s broader business model and mission in contributing to the prosperity of its community, including its clients, colleagues and shareholders by providing comprehensive financial services across its four main business lines.

The Company’s ticker symbol will not change and its common stock will start trading on the New York Stock Exchange as Community Financial System, Inc. on May 24, 2024.

“The new name – Community Financial System – allows us to emphasize the evolution of our capabilities, solutions and focus,” said Dimitar A. Karaivanov, President and CEO of the Company. “We have diligently diversified, invested in and nurtured our four key businesses and today offer a comprehensive set of banking, benefits administration, insurance and wealth management services both locally and on a nationwide basis.

“Our banking business, Community Bank, N.A., is consistently ranked as one of the top banks in the U.S. by Forbes; our employee benefit services business, BPAS, was recently named Top 5 Recordkeeper across all market segments by the National Association of Plan Advisors (NAPA) Advisors’ Choice Awards; our insurance services business, OneGroup, was ranked #75 amongst the Top 100 Property/Casualty Agencies by the Insurance Journal, and our wealth management services business has full service capabilities and advises on more than $12 billion of assets.

“In aggregate, over 39% of our revenue is comprised of diversified fee income businesses, well over twice that of industry peers. Bringing all of that under the new name, Community Financial System, underscores our mission and drives our inclusiveness as one company.”

To learn more, click here.

New VP hire bolsters Large Plan services for BPAS

BPAS has hired Brad Bonno as Vice President of Large Plan and Strategic Services, furthering the company’s commitment to accelerating and growing services dedicated to meeting client needs in this market segment.

A leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, BPAS serves clients of all sizes with a mission of providing high-quality service delivered by a reliable team of industry experts.

“We see the need to create a dedicated large plan product and team to leverage our opportunity for growth in this market,” said Elizabeth Kaido, BPAS Senior Vice President of Sales and Relationship Management. “Brad joins the outstanding plan consultants and relationship managers already serving our larger plans, bringing insights and expertise to take our solution to the next level. He will be instrumental in furthering our efforts to provide exceptional service to our large clients.”

Bringing over 25 years of experience in Retirement Plan Recordkeeping and Investment Advisory Services, Bonno possesses extensive and diverse expertise. He served as Director of Client Service for PNC Bank’s Retirement Advisory and Employee Education Service for the last five years and has managed conversions, relationship management, investment advisory, and employee education teams during his time in the industry. Bonno holds a Bachelor of Science in Business Administration and Accounting from Ohio State University.

“What convinced me that BPAS is one of the best-kept secrets in our industry is their depth and quality of services. I am excited to join the team and eager to continue improving and expanding services for our clients,” Bonno said.

To learn more, visit bpas.com.

BPAS completes transition with Lifetime Benefit Solutions

BPAS, a national provider of retirement plan administration, actuarial, consulting, and trust services, recently completed a book of business acquisition with Lifetime Benefit Solutions (LBS), headquartered in Syracuse, NY. This transaction resulted in a transition of approximately 90% of the TPA Service client relationships from LBS to BPAS.

LBS is a third-party administrator, brokerage, and consulting firm that facilitates insurance, self-funding employee benefits, and consulting needs of clients throughout the United States. Recognizing that recent changes taking place in the retirement plan business necessitated a change in strategy for TPA Service plans, LBS began discussions with BPAS about a potential collaboration involving LBS ’TPA book of business. An agreement was reached between the parties in November 2023 with a January 1, 2024 effective date.

Paul Neveu, Chief Executive Officer of BPAS, stated, “At BPAS, we’ve been focused on the retirement plan space for fifty years, and now have approximately 650,000 plan participants in our care. We’re always learning and listening, constantly trying to improve our value proposition. This business is getting more complex by the year. BPAS has deep expertise across the full range of DC and DB retirement plans, plus services like health savings accounts, so we can bring the full range of solutions to this book of clients. It’s our great honor to expand our business through this partnership and we look forward to new chapters together.”

BPAS also transitioned three employees from LBS to the BPAS team. Maryann Geary, President of BPAS Recordkeeping and Administration Services, said, “We pride ourselves on the expertise of our TPA Consulting staff and are thrilled to have the LBS consultants join us.”

Jason Disco, Senior Vice President of Pension Sales & Consulting added, “ BPAS covers the waterfront in the services we provide, and our primary strategy is to partner with advisors and trust companies in the delivery of retirement plan services. We want partners and clients to know that we’re firmly committed to TPA Service plans and this service model as part of the continuum of services we offer. By partnering with advisors and outside recordkeeping platforms, our TPA services product line gives clients flexibility and additional expertise within their retirement programs.”

BPAS Completes Transaction with Creative Plan Designs, Ltd.

BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, announced today that it has acquired Creative Plan Designs, Ltd. (CPD), headquartered in East Meadow, NY.

Formed in 1979, the CPD mission has always been to provide superior retirement planning advice that assists clients in developing tailored plan programs. The company is widely regarded for its ability to deliver solutions for complex retirement plan programs. Recognizing that changes in the retirement plan business — particularly with the demand for enhanced technology and cybersecurity protocols — necessitated a change in strategy, CPD began discussions with BPAS about a potential collaboration. The companies reached an agreement in December 2023 with a February 1, 2024, effective date.  All CPD employees will join the BPAS team.

“I’m not ready to retire,” said Ron K. Stair, CPD founder. “It’s important to me that I work with people I trust and respect; I found that at BPAS. This move will allow us to continue to provide CPD clients with a high level of service and consulting expertise, and add the deep resources, technology, and range of solutions offered by BPAS.”

Paul Neveu, Chief Executive Officer of BPAS, added, “CPD will become our 15th office, but we have deep roots in New York State. We are honored and happy to have CPD join us. I’m very impressed with the level of knowledge and expertise across the entire CPD organization. We are looking forward to working with Ron and the CPD team to write new chapters together.”

BPAS, a Community Bank System, Inc. subsidiary, provides daily valuation, actuarial and employee benefits consulting, fund administration, health & welfare plans, IRAs, and institutional trust services through its subsidiaries on a national scale. It has 14 offices across the nation and Puerto Rico. The partnership enhances the services and resources available to CPD clients.

Jason Disco, Senior Vice President of BPAS Pension Sales & Consulting added, “We are very excited to be partnering with CPD, a respected and growing provider of Defined Contribution and Defined Benefit consulting services.  The transaction will strengthen and complement our existing retirement plan services and provide further support for growth in the Metro NY area.  We are delighted to welcome the entire CPD team to BPAS.”

About CPD

Since 1979, we have specialized in designing retirement plans for owners of small to mid-sized businesses. Our plans provide maximum tax savings and a worry-free retirement. Our plans guarantee to offer the best results for retirement savings and tax benefits while keeping in compliance with the complexities of government-mandated regulations. We are firm believers that retirement planning is not a one-size-fits-all proposition. In addition, we work in conjunction with advisors to fully utilize the tax benefits available under prevailing laws and regulations to ensure income for future years.

David G. Leonard, A.S.A. Joins BPAS

BPAS, a  leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, announced today that it has acquired David G. Leonard A.S.A., LLC (DGL), headquartered in Ormond Beach, FL. All DGL employees will join the BPAS team.

DGL provides plan design, actuarial services, and administration for 300 small- to mid-sized retirement plans. The company goal has always been to provide the highest level of service to clients in a constantly changing environment.

Dave Leonard, DGL President, said, “We constantly review our business and the services we bring to clients. We see this business getting more complex every year. Our clients are asking for more services and consulting than ever before. Joining BPAS allows us to expand our capabilities while maintaining our long-standing client-focused approach.”

According to Paul Neveu, BPAS Chief Executive Officer, “At BPAS, we’ve been in the retirement plan space for 50 years. We’ve seen the expansion, contraction, and re-expansion of employer-sponsored defined-benefit plans. We are excited to have Dave and his crew on board and know we can add real value for DGL clients. We are thrilled to expand our business through this partnership.”

BPAS, a Community Bank System, Inc. subsidiary, provides daily valuation, actuarial and employee benefits consulting, fund administration, health & welfare plans, IRAs, and institutional trust services through its subsidiaries on a national scale. It has 15 offices across the nation and Puerto Rico. The partnership enhances the services and resources available to DGL clients.

Jason Disco, Senior Vice President of BPAS Pension Sales & Consulting, added, “We’re excited to welcome Dave, Denver, and the DGL clients and colleagues to BPAS. They have earned a well-deserved reputation for quality work; we are so pleased they chose to partner with BPAS.”